Milwaukee-based Sift Healthcare raised $2.8 million in a funding round that included investments from two Badger Fund of Funds, the company recently announced.
The funds raised also include approximately $745,000 raised and filed with the U.S. Securities and Exchange Commission in late July.
Sift Health Care, previously known as Sift Medical Data, Inc., is a data science company founded in 2017 that uses artificial intelligence and machine learning to accelerate insurance reimbursement, personalize patient collections and strategies and improve revenue cycle efficiency in health care operations.
The latest funding round included investments from both Rock River Capital Partners and Winnebago Seed Fund, the latter of which led Sift’s seed round of funding raising in 2017.
The funds raised will be used to expand Sift’s data science and data engineering teams, create bandwidth required to meet the demand of Sift’s growing sales pipeline and to further develop the company’s AI-based solutions for the healthcare revenue cycle.
“We are honored to have committed investors who recognize the timely opportunity to innovate in the health care payments space,” Justin Nicols, Sift’s founder and chief executive officer said in a statement. “I am particularly proud that our investors are Wisconsin-based and committed to growing tech companies within our state.”
Of the $2.8 million raised, $372,000 of funds raised will be used to pay the company’s executives, according to the SEC filing.
Along with the new funding, Sift also announced a partnership with Madison-based State Collection Service, a health care receivables company. State Collection Service has signed a 3-year contract to deploy Sift’s AI-based solutions and analytics.
“State has run rigorous tests with Sift and the results we’ve seen have been significant. We’re excited to add the power of Sift’s data science and analytics to our tech stack,” commented Tim Haag, president of State Collection Service.
